The U.S. commercial banking industry could cut 200,000 of its 2 million jobs over the next 12-18 months, according to a report by Boston financial research firm Celent LLC.

The entire financial services sector had a record 153,000 job cuts in all of 2007, according to Chicago-based job placement consultancy Challenger Gray & Christmas Inc.

Challenger says more than half the job cuts were in the mortgage-lending sector and were concentrated mainly in California and New York.

In January, financial services companies said they would cut a total of about 16,000 U.S. jobs, and in February announced 6,000 more cuts, Challenger says.

------------------------------------------------------------------------------------

© American City Business Journals Inc. All rights reserved.